According to the Genworth 2018 Cost of Care Survey the monthly cost of care for an assisted living facility in Kansas costs $3,950. For nursing home care, even if the room is shared with another individual, it costs $5,201. These are estimates based upon surveys and this information excludes Wichita, Topeka, Manhattan and Lawrence.
Sometimes people believe, or it is really more of a wish, but they think they will not need long-term care. The chances are very high that you or someone you love will. According to LongTermCare.gov:
70% of people turning age 65 can expect to use some form of long-term care during their lives.
Genworth predicts that the same semi-private room in a nursing home that costs $62,415 when they conducted the survey in 2018 will cost $83,881 in 2028. Even if Genworth was wrong and no price increases occurred, that would still be $624,150 for a ten year stay in the nursing home.
Who can actually afford that? Even if you could, how much would you be able to leave to your family? Under these circumstances it should not be surprising that long-term care can devastate a life’s savings and prevent you from leaving anything for your family.